In a financing undertaking, Nanosphere announced the pricing of its previously announced underwritten public offering of 10,500,000 shares of its common stock at a public offering price of $2.40 per share.
In connection with the financing offering, the Company has also granted the underwriters a 30-day option to purchase up to an additional 1,575,000 shares of common stock to cover over-allotments, if any.
Net proceeds from the financing after underwriting discounts and commissions and other offering expenses are expected to be approximately $23.4 million.
If the underwriters exercise their over-allotment option in full, net proceeds from the offering will be approximately $26.9 million.
The offering is subject to customary closing conditions and is expected to close on Tuesday, July 24, 2012.
The Company plans to use the net proceeds from the offering for general corporate purposes and working capital.
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